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Equitas Small Finance Bank reported a profit after tax of Rs 119 million (our estimate: Rs 705 million) impacted by higher opex and elevated provisions on account of restructuring.
Equitas’ business growth remains muted, with non-micro finance institution assets under management flat QoQ, while the MFI portfolio declined.
Liability momentum continues to stay strong, with current account and savings account ratio improving to 40%.
On the asset quality front, slippages stood elevated as collections were impacted due to the second Covid-19 wave.
However, higher upgrades provided some support.
Gross non performing asset/net non performing asset increased by 103 basis point/80 bp QoQ, while the restructuring book stood elevated at Rs 13.3 billion (~7.5% of loans).
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